Now there's a new challenger gunning for Foursquare's position, and it's got 500 million users as ammunition.

Last week, Facebook made its dramatic entry into geolocation with the launch of Facebook Places. The social network's new product brings the checkin and location-broadcasting trend to its massive user base. With so many of Foursquare's key features duplicated on Facebook's platform, does the location startup stand a chance?

Foursquare seems prepared and projects confidence when faced with the Facebook threat, but we want to hear your opinion. For this week's Faceoff, we want you to choose which you prefer: Facebook Places or Foursquare. While it's too early to tell how Facebook Places will affect Foursquare, Yelp or the location market in general, this poll will give us a clue as to how the battle might play out.

Cast your vote in our poll by Friday, August 27 at 12:00 PM PT. Then we want to hear your opinion on how this battle of geolocation services will play out; let us know what you think in the comments.

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